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    The European Investment Bank participated in the Climate Adaptation Summit (CAS) 2021. This year’s summit, hosted by the Netherlands, convened global leaders and local stakeholders. During the two-day summit, a comprehensive Adaptation Action Agenda was launched, setting out clear commitments to deliver concrete new endeavours and partnerships to make our world more resilient to the effects of climate change.

    Panels with EIB participation

    Scaling up climate resilient infrastructure investment is vital for ensuring progress towards the Sustainable Development Goals. In the near-term, it is also essential to support a resilient economic recovery from the COVID-19 pandemic.

    EIB Vice-President Ambroise Fayolle, responsible for environment and climate action, discussed how we can mobilise the investment needed to fill the resilience finance gap and support the economic recovery from the COVID-19 pandemic.

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    What does it mean to align financial goals to the climate resilience goals of the Paris Agreement? How are financial institutions accelerating finance for climate adaptation and resilience? What impact has the ongoing pandemic had on adaptation finance?

    In this side event, a group of Multilateral Development Banks MDBs) and the International Development Finance Club (IDFC) presented their approaches to ensure that the projects they finance contribute to the goals of the Paris Agreement. They also discussed how the COVID-19 pandemic has affected the MDBs and IDFC goals for adaptation finance, and the role of climate resilience in the recovery.

    As major providers of development finance and investment in climate action, the MDBs and the IDFC have as crucial role to play in helping countries achieve their climate resilience objectives, including building forward better from the COVID-19 crisis.

    In 2017 at the first One Planet Summit, the MDBs and IDFC pledged to align their operations with the Paris Agreement. As part of this progress, there have been increasing commitments around finance for adaptation and resilience, including announcements made at the UN Climate Action Summit in 2019.

    This event was hosted by the European Investment Bank in an effort to demonstrate how the Multilateral Development Banks and the International Development Finance Club (IDFC) are aligning their activities with climate-resilient pathways.

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